Thermoplastic Polyurethane Market Will Reach USD 5,326 Million by 2030, Says P&S Intelligence

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24 May, 2023, 10:15 ET

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NEW YORK, May 24, 2023 /PRNewswire/ -- As mentioned by P&S Intelligence, the thermoplastic polyurethane market will propel at a rate of 7.0% in the years to come, to reach USD 5,326 million by 2030. This is mainly credited to the extensive use of TPU in vehicle parts and a range of medical devices.

In the medical device sector, this polymer is used to manufacture orthodontic products & dental materials, wound care products, mattresses, medical instrument cables, catheters, compression stockings, and gel shoe orthotics.

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Further, TPU has emerged as an eco-friendly alternative to the traditional polyvinylchloride. Apart from this, TPU offers biocompatibility, chemical and oil resistance, durability, and absence of plasticizers

Furthermore, the e-commerce and online business industry requires the products to be safe from damage until they reach the customer. As a result, the usage of pre-blended polyol packaging, including corrugated, plastic, and wooden boxes, is rising.

The diisocyanate category dominated the industry in 2022, and the trend will continue in the years to come. This is mostly because of the tremendously reactive nature of this chemical with polyols, which creates polyurethane. Two of the most-commonly used diisocyanates in TPU production are toluene diisocyanate and methylene diphenyl diisocyanate.

APAC had the largest revenue share, of above 55%, in 2022, and the situation will be like this in the years to come.

Browse detailed report on Thermoplastic Polyurethane Market Size, Share, Growth, Development and Demand Forecast to 2030

This is attributable to the wide usage of TPU in the automotive and medical device sectors. APAC is the largest exporter of vehicles, and most OEMs are making use of thermoplastic polyurethane for manufacturing automotive parts.

TPU consumption in North America will grow significantly in the years to come. This is credited to the existence of key players, frequent launches of cutting-edge products, and increasing necessity for TPU products in the automotive, electronics, and footwear industries. Further, North America is the largest market for luxury footwear all over the world.

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About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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SOURCE P&S Intelligence